Fixed Rates Dip

The average 30-year fixed mortgage rate fell to 5.75% for the week ending Sept. 17 from 5.83% the previous week, according to Freddie Mac's Primary Mortgage Market Survey.The average 15-year fixed mortgage rate fell from 5.22% to 5.13%, while the average rate for one-year Treasury-indexed ARMs climbed from 4.00% to 4.03%. Fees and points averaged 0.8 of a point for fixed-rate mortgages and 0.7 of a point for ARMs. "The Consumer Price Index figures released [Sept. 16] showed that the run-up in oil prices has not been inflationary at the consumer level, much to the relief of mortgage lenders," said Frank Nothaft, Freddie Mac's chief economist. "And price stability in products other than oil have allowed for more money to go toward homebuying and home projects." A year ago, the average 30-year and 15-year fixed rates were 6.16% and 5.46%, respectively, and the average one-year ARM rate was 3.87%, Freddie Mac said. Freddie Mac can be found online at http://www.freddiemac.com.